Valero CEO sees heavy US refinery turnaround activity in Q1 2024
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HOUSTON, Jan 25 (Reuters) - Lane Riggs, chief executive of Valero Energy Corp, the second largest U.S. oil refinery, on Thursday said he expects U.S. refineries will undertake a "heavy" schedule of maintenance shutdowns in the first quarter of 2024.
"In the near term, product inventories ahead of the summer driving season are expected to be constrained with heavy industry-wide turnaround activity in the first quarter, providing support to refining margins," Riggs said during a conference call with Wall Street analysts. (Reporting by Erwin Seba)
